Government Imposes Independent Sanctions on Institutions and Fund Managers Assisting North Korea's IT Foreign Currency Earnings

North Korea Cyber Threats Discussed at ROK-US Working Group Meeting
Government: "Comprehensive Sanctions Including Foreign Currency Earners"

The government designated two organizations and four individuals involved in dispatching North Korean information technology (IT) personnel overseas and earning foreign currency as independent sanction targets on the 28th.

This measure was taken on the occasion of the 6th Korea-U.S. Working Group Meeting on North Korean Cyber Threat Response held in Washington D.C. from the 27th to the 28th.

The Ministry of Foreign Affairs explained, "Korea and the U.S. have closely cooperated to block illegal cyber activities that fund North Korea's nuclear and missile development," adding, "The sanctioned targets this time are the first ever designated jointly by Korea and the U.S. in the world."

The two organizations designated as sanction targets this time were involved in dispatching and operating North Korean IT personnel overseas. They operated alongside the Jinyoung Information Technology Development Cooperative Company, an organization under the Ministry of National Defense of North Korea, which has dispatched IT personnel to Russia, China, Laos, and other countries.

Jinyoung Information Technology Development Cooperative Company and its chief manager, Kim Sang-min, were jointly designated as sanction targets by Korea and the U.S. last year.

The individuals designated as sanction targets are Yoo Bu-woong, representative of the Shenyang Amnokgang Development Bank; Han Cheol-man, representative of the Shenyang Dongsung Geumgang Bank; Jeong Seong-ho, representative of the Vladivostok Jinmyung Joint Venture Bank; and Oh In-jun, representative of the Vladivostok Chosun Daesung Bank.

They facilitated North Korea's foreign currency earnings and procured funds for nuclear and missile development through illegal financial activities such as money laundering.

In particular, representative Yoo Bu-woong is North Korea's fund manager who has been jointly tracked by Korea and the U.S. He laundered large amounts of income from North Korean IT personnel and procured sensitive materials used in North Korea's nuclear and missile development.

The government expects that this measure will have a significant effect on strengthening sanctions against North Korea, as it comprehensively sanctions not only organizations directly involved in dispatching North Korean IT personnel but also those assisting in foreign currency earnings.

The Ministry of Foreign Affairs emphasized, "The joint designation of sanctions by Korea and the U.S. will have a great effect in raising awareness of the risks of transactions with these entities both domestically and internationally."

Since announcing independent sanctions against North Korea in the cyber sector for the first time in February last year, the government has imposed sanctions six times in total, targeting not only organizations dispatching North Korean IT personnel but also hacking groups, training institutions, and money launderers.

This content was produced with the assistance of AI translation services.